China names its candidate to head AIIB
Print Edition
CHINA has nominated Jin Liqun, former chairman of China International Investment Capital Corp, as its presidential candidate of the new Asian Infrastructure Investment Bank, the finance ministry said yesterday.
Jin, 66, currently heads a panel to initiate the AIIB after stepping down from his role in China’s first joint venture investment bank.
He was formerly a deputy finance minister and vice president at the Asian Development Bank.
“Jin has rich leading and management experience in government departments, international institutions and private units,” the ministry said in a statement.
Jin became known as a troubleshooter in his domestic and international positions and oversaw operations in South Asia and the Mekong region during his time at the ADB.
He is proficient in English and has translated several books, including “The House of Morgan” and “An Anthology of English Verse.”
His nomination comes a week after 57 founding countries signed articles of agreement to pave the way for the bank’s operation late this year.
Founding countries are required to nominate candidates by the end of July and the position will be decided at a meeting in August.
The AIIB was proposed by Chinese President Xi Jinping during a visit to Southeast Asia in October 2013 with the aim of supplying some of the estimated US$800 billion needed each year to upgrade infrastructure in the region.
The bank has authorized capital of US$100 billion, 75 percent coming from Asian countries.
China, the AIIB’s largest shareholder with a 30.34 percent stake, has said the new bank will complement the current international economic order and enable it to take more global responsibility.
China is also expected to lead decision making in the bank as it has the largest share of voting rights at 26.06 percent.
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